Mahomedy: Regiments scored on commissions in Transnet's interest rate swap StateCaptureInquiry
PRETORIA – The state capture commission of inquiry has heard how an ill-advised interest rate swap on loans has costs Transnet more than R1 billion but scored Regiments Capital more than R200 million in so-called commissions.Mahomedy revealed the cost to Transnet of converting the loan from linked interest rates to fixed.
“For the Nedbank transactions, Transnet has paid additional interest of R785.3 million. For the pension fund transactions, Transnet has paid additional interest of R696.6 million.”“One has to draw the inference that it was done to benefit an entity in the like Regiments, specifically, with the significant amount of money that then flowed to Regiments.
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